By Stacia Williams

Too many women leave decisions about their financial futures to their husbands — and that’s hardly a retirement plan. And because women tend to live longer than men, it’s imperative that they take an active role in plotting out what’s happening with the money that will see them through the latter part of their lives.

How to go about that? Any good retirement plan breaks down into five areas: income, investments, taxes, health care and legacy.

Retirement income typically comes from savings, possibly a pension, and Social Security. Unfortunately, many women are unclear about when to claim Social Security. That’s not entirely their fault because it is confusing, and the decision can come down to your personal situation. (To be fair, men can get just as confused.)

You can begin drawing your benefit as early as age 62, but you do so at a reduced dollar amount, and that reduction is for life. Also, be warned: If you start taking your benefits early but plan to still work, there’s a limit on how much you can make before your benefits are reduced. For 2022, that figure is $19,560. The Social Security Administration temporarily withholds $1 in benefits for every $2 earned over that limit. But if you postpone claiming your benefit until your full retirement age — 66 to 67 for most people — you can make as much money as you like.

Also important to know: You can draw a larger monthly check if you put off claiming Social Security beyond your full retirement age, up until you are 70.

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